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Tag: Firstmonie

  • Firstmonie Merchant solution to advance digital payment

    Firstmonie Merchant solution to advance digital payment

    First Bank Nigeria Plc has officially launched its FirstMonie Merchant Solution. This innovative platform is designed to enable merchants and businesses across Nigeria to seamlessly accept digital payments with efficiency and ease.

    The FirstMonie Merchant Solution responds to the increasing need for dependable digital payment systems by offering a streamlined and automated onboarding process, an integrated referral system, and customizable features such as Pay with Transfer and Purchase. Additional capabilities include instant settlement, concession management with flexible and competitive pricing, automatic terminal registration, and a comprehensive suite of products spanning all pricing tiers.

    The solution comes equipped with pre-configured, ready-to-use POS terminals, as well as a network dashboard offering real-time monitoring, dispute resolution, and complaint management.

    These functionalities contribute significantly to improving the merchant experience by enhancing liquidity, accuracy, and operational control, while effectively minimizing chargebacks.

    The Group Executive, E-Business and Retail Products at FirstBank, Chuma Ezirim, said: “FirstMonie Merchant Solution is set to transform digital payments in Nigeria. With its advanced features and seamless onboarding, we are empowering businesses of all sizes and locations to thrive in the digital economy.”

    He further emphasised that the FirstMonie Merchant Solution will enhance operational efficiency within Nigeria’s payments industry. “This is not merely a product introduction; we are simplifying payment processes and providing merchants with improved transparency, control, and speed for daily transactions.”

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    At FirstBank, our commitment remains steadfast in building financial ecosystems that offer value, convenience, and trust to all stakeholders.” Both new and existing FirstBank account holders can access the FirstMonie Merchant Solution through a straightforward online registration.

    Leveraging FirstBank’s established technological infrastructure, the FirstMonie Merchant Solution demonstrates the Bank’s dedication to fostering growth and financial inclusion by delivering scalable, reliable, and user-friendly digital solutions tailored to the evolving needs of Nigerian enterprises.

    Beyond enabling seamless digital payments, the FirstMonie Merchant Wallet Solution reinforces FirstBank’s commitment to the safety and security of merchant funds, a critical assurance that many Fintech alternatives do not provide. With a heritage spanning 131 years, FirstBank continues to drive innovation in African banking. The introduction of the FirstMonie Merchant Solution reaffirms the Bank’s leadership in digital banking and underscores its mission to broaden access to financial services nationwide. Supported by a network of over 300,000 FirstMonie agents, FirstBank maintains its position at the forefront of accessible and innovative financial solutions for individuals and businesses throughout Nigeria.

  • FirstBank hits N1tr transactions via Firstmonie

    First Bank of Nigeria Limited has announced that its Firstmonie network has processed a cumulative transaction value of N1 trillion from its relaunch in January 2018.

    The network also achieved nationwide coverage in record time, enabling access to financial services for many locations that never had a way for its residents to access financial services. This is in line with the Central Bank of Nigeria (CBN)’s objective of bringing banking services close to all Nigerians, irrespective of where they live.

    FirstBank’s Firstmonie service provides financial/banking solutions to rural and semi-urban locations across the country, such as account opening, cash deposit, cash withdrawals, airtime purchase, bill payments and much more. Through this channel, the Bank is committed to providing convenient services that endears trust and provides ease of access to banking products, thereby saving time and travel costs for users of our network.

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    The Chief Executive Officer, First Bank of Nigeria Limited, According to Adesola Adeduntan, said:  “The Firstmonie scheme is supporting the Federal Government’s empowerment and job creation agenda as over 22,000 Nigerians, through this scheme, contribute to the increased economic activities of their neighborhoods. Our partner network is growing and we are particularly delighted about the progress we are making in actively driving nationwide Financial Inclusion, exposing communities to opportunities for growth, jobs, empowerment, and improved live conditions. Yet again, we are delighted to score another first in promoting financial inclusion in the country.”

    “We appreciate our partner network and remain committed to working together to achieve even greater impact on the lives of Nigerians”, he concluded

  • FirstBank drives financial inclusion with Firstmonie

    First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace.

    The bank launched agent banking services, on the refreshed Firstmonie brand, to provide customers access to banking services in areas where they live and work. Firstmonie Agents, who are positioned within communities with limited or no banking penetration are regarded as the “bank branch” closest to customers around their locations. Customers are able to open accounts, deposit cash into any account, withdraw cash from any bank account, buy airtime, pay bills, and do so much more.

    Firstmonie Agent is a unique channel that seeks to solve transaction problems in rural and semi-urban locations across the country. Through its Agent network, the Bank is committed to providing convenient services that endear trust and solve real problems for customers. It would save time and travel costs; transactions are PIN protected and safe; and banking products are more accessible to customers.

    FirstBank’s Group Head, eBusiness, Chuma Ezirim, “Providing access to financial services in remote locations remains a challenge in the formal financial sector. Through our Agent network, we are surmounting this hurdle by taking affordable financial services to rural residents. When people have access to convenient financial services, their lives could become better.”

  • Firstmonie, MMIT partner on int’l payments

    Firstmonie, MMIT partner on int’l payments

    Firstmonie, the mobile money platform of First Bank of Nigeria Limited, is partnering with Mobile Media Info Tech Global Limited (MMIT) to commence a mobile wallet.

    The product would allow consumers to purchase services on international merchant websites, the lender sai, adding that the initiative is expected to enable online purchases, and download apps through the Firstmonie platform.

    Leveraging on its expertise in electronic payments, FirstBank said it is constantly exploring innovative ways of enhancing its service offerings to ensure products are well suited to its existing and potential mobile subscriber base.

    With the upswing in digital applications, Firstmonie subscribers can now directly pay for applications download from their mobile wallet. This has eliminated the limitation posed by daunting payment process, especially for the youth market, many of whom have no access to international payment cards and have been un-served within the global ecommerce space.

    CEO of MMIT, Kim Fraser said: “MMIT is very excited about the launch of services with FirstBank’s mobile wallet. The ability to use an African based mobile wallet to transact with international merchants is a first in the alternative payments space, and MMIT is very proud to be working with First Bank of Nigeria on this initiative”.

    Acting Head of Mobile Financial Services at FirstBank, Celestine Okobi,  further asserted that the Bank is proud of this innovation which is the first of its kind anywhere in the world.

  • FirstBank’s Firstmonie to disburse MDGs funds

    FirstBank’s Firstmonie to disburse MDGs funds

    Firstmonie, the mobile banking service from FirstBank, has been selected by the Office of the Senior Special Assistant to the President on the Millennium Development Goals (MDGs), to disburse funds of Conditional Cash Transfer (CCT) programme aimed at increasing human capital development of the poor in the country.

    The CCT programme, which is specifically targeted at addressing the needs of qualified core poor households, would give them access to funds that will improve their lives and that of their children.

    It is designed to provide cash grants to the extremely poor and vulnerable households as a form of investment in human capital development in pursuit of Nigeria’s move to alleviate poverty in attainment of the 2015 deadline for the MDGs goals.

    Speaking on the development, Head, Mobile Financial Services (Firstmonie), Mike Ogbalu said: “We are delighted that Firstmonie has been selected to fulfil this noble cause of mitigating poverty and improving the lot of the less privileged in our society.

    “With our involvement in disbursement of the MDGs funds, it only implies that Firstmonie would also be helping to fulfil the objective of the CCT scheme, which is to improve the effectiveness of conditional cash transfer mechanisms to provide adequate incentives for extremely poor families to use available education and health services for children and pregnant women while increasing household consumption.”

    According to Mike, Firstmonie would be used to disburse  close to N3billion to 15,810 households 343 local government in 15 states of the country in the first tranche.  He added that funds will soon be made available for disbursement to benefitting households in selected states.

    “Each individual beneficiary under the scheme would be receiving N5, 000.00 on a monthly basis for 12 months with an additional N100, 000.00 upon acquiring the necessary empowerment skills training by MDGs. A total of N174.1million would be disbursed to each state. First  tranche of states to benefit from the scheme include: Abia, Adamawa, Anambra, Bauchi, Borno, Delta, Edo, Ekiti, Niger, Osun, Oyo, Plateau, Sokoto, Kano and the Federal Capital Territory (FCT).”

    Already, there are several Firstmonie agents’ points, excluding the bank’s branch agents, across all local government areas of the 15 states that the funds would be disbursed to. The agents would also be providing customer support services to beneficiaries in the selected areas.

  • Firstmonie subscription now one million

    Firstmonie subscription now one million

    Subscriptions to First-Monie, the mobile payment solution of First Bank of Nigeria Limited has crossed the one million customer mark.

    In a statement, the bank said the feat is coming less than two years of its operations in the country, adding that the product is aimed at enhancing service delivery for the unbanked and under-banked within the population.

    Its Head, Marketing and Corporate Communications, Folake Ani-Mumuney, said surpassing the one-million mark on the FirstMonie platform, shows the extent the bank will go to ensure that our customers have more choices of accessing banking services from any location they find themselves.

    “We are pleased by this achievement, which signifies the level of Firstmonie’s acceptance amongst subscribers. We believe that the tremendous growth it has recorded so far illustrates the important role it plays in providing easy access to financial services for customers on the go,” she said.

    She noted that the Firstmonie platform which was created to align with the Central Bank of Nigeria’s policy to promote a cashless or cash-less economy in Nigeria offers an excellent medium for subscribers to disburse funds efficiently and securely to their loved ones across the nation.

    FirstMonie was launched in September 2012 as part of the lender’s innovative drive to enhance financial inclusion and reduce the rate of unbanked adults in Nigeria. The  solution was created to provide convenient and safer banking for the under-banked and unbanked to access their bank account and transfer funds with the use of their mobile phones.

    This enables subscribers to send and receive money, pay bills, buy airtime and make sundry purchases in Nigeria without owning a bank account. The transaction on the platform has no time barriers and can be carried out at any time of the day.

    The platform also supports wealth creation by providing opportunities for thousands of entrepreneurs across the nation and has been involved in several notable initiatives worthy of note are The Bill & Melinda Gates Foundation Grant, The UNICEF Fund Disbursement Scheme among others.